Iren S.p.A. IRDEY

UtilitiesMultiline UtilitiesItaly

Last close 28.95 USD on Nov 3, 2026, −6.7% year to date

Quant rating

Quant rating D Rank 74 of 89 in Utilities

Growth D 68 of 89
Valuation B 31 of 89
Quality D 63 of 89
Revisions D 73 of 89
Momentum C 54 of 89

Wall Street consensus Buy (1.60)Average target 3.35 USD −88.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.5B
Enterprise value: 8.7B
52-week range: 28.95 – 33.50
3-year range: 28.95 – 33.50
Dividend yield: 5.42%
Beta (5 years): –
Shares outstanding: 1,301M
Next earnings: Nov 11, 2026

About the company

Iren SpA is an Italy-based holding company active in the utilities industry. The Company is engaged in the sector of electricity, thermal energy for district heating and gas, and in the management of integrated water services, environmental services and technological services. The Company is responsible for strategic, development, coordination and control activities, while the four Business Units have been entrusted with the coordination and direction of the companies operating in their respective sectors: Networks, which works in the areas of integrated water cycle, gas distribution and electricity distribution; Waste Management, which carries out waste collection, urban hygiene, treatment and disposal activities; Energy, operating in the sectors of electric and thermal energy production, district heating, energy efficiency and technological services, public lighting and traffic light networks; Market, active in the sale of electricity, gas and heat for district heating, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,439	6,112	6,954	8,209	5,487	–
Revenue growth	21.7%	−12.1%	−15.3%	49.6%	27.0%	11.5%
EPS (basic, normalized)	0.27	0.23	0.21	0.19	0.27	–
EPS growth	17.8%	7.8%	10.2%	−28.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.7%	4.5%	4.0%	3.3%	5.6%	4.4%
ROE	9.5%	9.4%	9.2%	9.5%	10.9%	9.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,439	+21.7%	1.2x	1,571	+21.9%	5.5x	0.27	+17.8%	108.4x
2026	7,809	+5.0%	1.1x	1,558	−0.8%	5.6x	0.26	−1.7%	110.3x
2027	8,027	+2.8%	1.1x	1,618	+3.8%	5.4x	0.27	+2.9%	107.2x
2028	8,032	+0.1%	1.1x	1,678	+3.7%	5.2x	0.29	+6.7%	100.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,809	−0.5%	+0.8%	+6.3%	0.26	−2.0%	−2.1%	−0.5%
2027	8,027	+1.6%	+2.9%	+6.8%	0.27	−3.2%	−3.0%	−3.3%
2028	8,032	+1.1%	+2.2%	+4.4%	0.29	−3.5%	−3.3%	−2.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	1,543	1,155	1,459	1,836	2,056	1,301	1,313	1,664	1,777	1,330
Sales mean (mil)	1,845	1,006	1,342	–	1,672	1,429	1,324	1,232	1,979	1,490
Surprise	−16.4%	+14.9%	+8.7%	–	+22.9%	−9.0%	−0.8%	+35.0%	−10.2%	−10.8%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Multiline Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IRDEY Iren S.p.A.	3.5B	–	4.7%	0.89x	110.3x	107.2x	5.6x	5.4x
AQN Algonquin Power & Utilities Corp.	4.3B	8.34x	8.5%	0.92x	15.4x	13.6x	10.7x	9.6x
MDU MDU Resources Group, Inc.	4.1B	5.09x	10.2%	1.41x	20.1x	18.5x	11.8x	10.8x
TNPGY Tauron Polska Energia S.A.	3.9B	1.40x	9.6%	0.70x	57.3x	57.2x	4.1x	3.8x
CHFFY China Everbright Environment Group Ltd	3.8B	–	14.3%	0.45x	73.4x	69.1x	11.3x	10.9x
AVA Avista Corporation	3.2B	4.97x	9.8%	1.13x	14.5x	13.6x	9.5x	10.2x
Mean		4.95x	9.5%	0.92x	48.5x	46.5x	8.8x	8.4x
Median		5.03x	9.7%	0.91x	38.7x	37.8x	10.1x	9.9x

Technical analysis

1M0.0%
3M0.0%
1Y−6.7%
3Y−10.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Iren S.p.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,439	6,112	6,954	8,209	5,487	4,321
Cost of revenue	2,725	2,240	2,987	4,844	2,213	1,201
Gross profit	4,714	3,872	3,967	3,365	3,274	3,120
Selling, general & administrative expenses	3,409	2,687	2,831	2,450	2,252	2,220
Research & development	–	–	–	–	–	–
Depreciation/amortization	841	679	663	559	544	538
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	10.1	12.1	8.6	49.2	30.8	10.2
Other operating expenses	−169	−43.8	−48.1	−190	−68.5	−156
Operating income	622	538	512	496	516	507
Net interest income (expense)	−98.4	−79.1	−65.6	−56.9	−35.9	−59.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−9.1	−8.3	−28.8	−12.6	1.8	3.0
Net income before taxes	515	451	418	427	482	451
Provision for taxes	143	136	107	109	139	122
Minority interest	−18.5	−36.4	−29.9	−47.0	−34.4	−36.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	353	278	281	271	308	292
Extraordinary items	–	–	–	−29.2	36.8	–
Net income	353	278	281	242	345	292
EBIT, normalized	633	550	521	545	547	518
EBITDA, normalized	1,497	1,229	1,184	1,105	1,090	1,056
Basic EPS, normalized	0.27	0.23	0.21	0.19	0.27	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Iren S.p.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	242	338	481	844	690	1,087
Receivables	2,009	2,251	2,108	2,045	1,741	1,342
Total inventory	80.1	87.0	81.5	149	127	81.3
Prepaid expenses	24.0	17.9	58.7	38.0	33.6	15.7
Other current assets	322	222	213	441	356	227
Total current assets	2,677	2,916	2,943	3,517	2,948	2,753
Property, plant & equipment	5,419	4,676	4,923	4,673	4,479	4,682
Goodwill	320	256	270	255	219	261
Intangibles	4,364	3,476	3,466	3,025	2,868	2,876
Long-term investments	409	410	358	420	409	424
Note receivable	534	453	440	256	142	212
Other long-term assets	521	456	506	393	497	463
Total assets	14,244	12,642	12,905	12,540	11,562	11,671
Liabilities
Accounts payable	1,931	1,838	1,782	2,290	1,716	1,177
Payable/accrued	–	–	–	–	–	–
Accrued expenses	260	217	195	118	129	109
Short-term debt	1.4	493	561	0.8	2.4	15.3
Current portion of long-term debt	81.4	94.7	92.0	69.7	467	294
Other current liabilities	711	650	897	856	479	555
Total current liabilities	2,986	3,293	3,527	3,336	2,793	2,149
Long-term debt	5,267	4,596	4,431	4,556	3,980	4,585
Minority interest	295	484	483	477	432	455
Other liabilities	1,633	1,292	1,366	1,233	1,435	1,562
Total liabilities	10,181	9,665	9,808	9,602	8,640	8,750
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,528	1,347	1,436	1,392	1,479	1,589
Additional paid-in capital	156	138	147	142	151	162
Retained earnings (accumulated deficit)	1,838	1,566	1,543	1,378	1,353	1,228
Treasury stock	−45.4	−40.1	−42.7	−41.4	−44.0	−42.3
Other equity	586	−33.4	14.1	67.0	−16.4	−16.5
Total equity	4,063	2,978	3,097	2,938	2,922	2,921
Total liabilities & shareholders' equity	14,244	12,642	12,905	12,540	11,562	11,671

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Iren S.p.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	371	314	311	289	379	329
Depreciation, depletion & amortization	841	679	663	559	544	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	388	134	386	157	132	620
Changes in working capital	−335	−5.4	−609	154	25.8	54.1
Cash from operations	1,266	1,121	751	1,159	1,080	1,003
Investing activities
Capital expenditures	−1,087	−860	−956	−961	−861	−837
Other investing cash flows	44.8	−73.3	−22.1	−262	−61.4	−224
Cash from investing	−1,042	−933	−978	−1,222	−923	−1,061
Financing activities
Financing cash flow items	832	−477	−219	50.8	−186	−24.5
Cash dividends paid	−209	−196	−195	−169	−170	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−988	372	253	375	−124	−213
Cash from financing	−366	−302	−161	257	−480	−238
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−142	−113	−389	194	−322	−296
Free cash flow	179	262	−206	199	219	166

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.